CMS just made an exciting announcement that may impact the future of your prescription drug coverage. Part D coverage costs have been announced for 2024!
Here’s the breakdown for 2024:
| Part D Cost | Cost in 2024 | Difference from 2023 |
|---|---|---|
| Deductible | $545 | $505 (Increase of $40) |
| Initial Coverage Limit | $5,030 | $4,660 (Increase of $370) |
| Out-Of-Pocket Maximum | $8,000 | $7,400 (Increase of $600) |
Additionally, cost sharing for Part D is $0 for beneficiaries in the catastrophic phase of coverage!
It’s important to note that these changes are in place currently, but could change as a result of future legislation or government action.
Current and upcoming changes: Inflation Reduction Act
As part of the Inflation Reduction Act of 2022, massive sweeping changes have occurred that will impact the future of your drug coverage. The most well known of these changes is the cap placed on insulin costs at $35 per month per covered prescription. Another facet of the Act is access to recommended adult vaccines without cost-sharing.
Both of these elements of the Inflation Reduction Act are currently in effect, but there are more changes on the way. The most notable is a yearly cap of $2,000 on out-of-pocket prescription drug costs starting in 2025. That’s a decrease of $6,000 from 2024’s Part D out-of-pocket maximum!
What does this mean for the future of your coverage? Are you concerned about the affordability of your prescription drugs? We are happy to answer any questions you might have!
Sources:
Centers for Medicare & Medicaid Services, “2024 Medicare Advantage and Part D Rate Announcement” March 31, 2023
Centers for Medicare & Medicaid Services, “Inflation Reduction Act and Medicare” January 10, 2023
A non-government entity. Not affiliated with or endorsed by any government agency. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.